Three-Story 9-Unit
For Sale
$1,875,000
Pending
137 Franklin Street, Lynn, MA 01902
Nine-unit, three-story building featuring eight two-bedroom units and one three-bedroom unit, with separately metered heat and electric.
Property Size7,565 SF
Days on Market80
Property Features for 137 Franklin Street
General Information
Standard status
Pending
Size
7,565 SF
Property subtype
5+ Family - 5+ Units Up/Down
Additional Details
Cap Rate
8.5%
Heavy Power
Yes
Multifamily Units
9
Building Details
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian · License #9506215
(617) 548-7737
Source:
Lockandkeyre
Added: Jun 18
Changed: Sep 4
Last Checked: Sep 5 at 6:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of North Shore Realty Advisors
Investment Insights
Based on property information with market context.
This clean, 9-unit multi-family property is arranged as a three-story building with eight (8) two-bedroom units and one (1) three-bedroom unit. The seller notes lead compliance letters are available for the units. The building has documented updates including updated electrical with 400-amp service, plumbing upgrades, and unit renovations.
Per the current setup, tenants are responsible for their own separately metered heat and electric. The landlord pays for hot water and common electric.
The property is offered for sale with an indicated 8.5% cap rate in the public remarks. The living area is listed at 7,565± square feet and total gross area at 10,262± square feet. The asset is located at 137 Franklin Street, Lynn, MA 01902.
Per the current setup, tenants are responsible for their own separately metered heat and electric. The landlord pays for hot water and common electric.
The property is offered for sale with an indicated 8.5% cap rate in the public remarks. The living area is listed at 7,565± square feet and total gross area at 10,262± square feet. The asset is located at 137 Franklin Street, Lynn, MA 01902.
Key Highlights
- 9‑unit, 3‑story multifamily with 8 two‑bedroom units and 1 three‑bedroom unit
- 8 two‑bedroom and 1 three‑bedroom units include lead compliance letters on hand
- 7,565± SF living area and 10,262± SF total gross area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$132,115
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,642,300
$2.6M
Cap Rate 7%
$1,887,357
$1.9M
Cap Rate 9%
$1,467,944
$1.5M
Market Conditions
NOI Build-Up for 7,565 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$256.9K $33.96/SF
− Vacancy
−$16.7K −$2.21/SF
EGI
$240.2K $31.75/SF
− OpEx
−$108.1K −$14.29/SF
NOI
$132.1K $17.46/SF
Area
Lynn, MA
Vacancy
6.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,642,300
Cap Rate 7%
$1,887,357
Cap Rate 9%
$1,467,944
Alternative Uses
Best Use
Apartment 5plus
$1.89M
$1.65M – $2.20M
NOI $132,115 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,370 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,491
Businesses Nearby
Explore this area
Business Placement
Demographics for 01902, MA
50,725
Population
19,655
Households
2.6
Avg Household Size
35
Median Age
20%
College-Educated
75%
High-School Grad
2.4 sq mi
ZIP Area
21,135
Density / Sq Mi
$66,755
Median Household Income
$39,506
Median Earnings
$1,571
Median Rent
$456,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit, three-story building featuring eight two-bedroom units and one three-bedroom unit, with separately metered heat and electric.
Where is this apartment building located?
The property is located at 137 Franklin Street Lynn, MA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: 9‑unit, 3‑story multifamily with 8 two‑bedroom units and 1 three‑bedroom unit; 8 two‑bedroom and 1 three‑bedroom units include lead compliance letters on hand; 7,565± SF living area and 10,262± SF total gross area
